Trigyn Technologies Limited

Technology — Information Technology Services · NSE

₹52.96+₹1.43 (+2.78%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Trigyn Technologies Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Trigyn Technologies Limited provides communications and information technology staffing support services in India and internationally.

IndustryInformation Technology Services

SectorTechnology

Employees744

Annual revenue₹976 Cr

How does it make money?

Turns over ₹976 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation. Each of its 744 employees supports ₹1.31 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.31 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 2.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -23% while net margin moved -93% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-23%

Margin effect-93%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 8.5% a year
✗ Profit has declined at 61.5% a year
✗ Profit fell 83.1% in the latest year

Quality vs. Valuation

Company Quality

33/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

16.2x

3Y Median

13.8x

40 monthly readings · mean 21.2x · range 8.3x–93.5x

Sector Median

16.5x

median of 4 sector peers

⚠️Current valuation is approximately 17% above its 3y median of 13.8x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟡Against its sector it is priced broadly in line with the peer median of 16.5x.

vs. its own history

Fair

13.8x median over 40 months · +17%

vs. sector peers

Fair

16.5x median of 4 peers · -2%

vs. generic bands

Fair

15x–35x

EV/EBITDA

-14.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 5.1% to 0.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 8.6% to 2.0% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 51% over 3 years, from ₹7 Cr to ₹10 Cr.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹11 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 94% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 3.0 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 5.2% to 2.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 5.1% to 0.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 0%✓ 2.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 2.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 6.3x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹163 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.2x

Fair

Fairly valued against the generic band

P/B Ratio

0.20x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.27

Profitable

Profitable on a per-share basis

ROE

0.2%

Weak

Weak capital efficiency

ROCE

2.0%

Weak

Low return on total capital employed

Debt/Equity

1.29x

Moderate

Moderate leverage

Revenue Growth (YoY)

12.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-83.1%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹11 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

2.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

1.1%

Weak

Thin margins leave little room for error

Net Margin

1.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.66

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.92

Market-like

Moves roughly in line with the market

52W Range Position

36%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

53.0 / 55.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

30.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,273 Cr	₹1,280 Cr	₹898 Cr	₹976 Cr	-8.5%
EBITDA	₹66 Cr	₹46 Cr	₹37 Cr	₹21 Cr	-31.7%
EBITDA Margin	5.2%	3.6%	4.1%	2.2%	—
PAT (Net Profit)	₹35 Cr	₹20 Cr	₹12 Cr	₹2 Cr	-61.5%
EPS	₹11.26	₹6.48	₹3.82	₹0.65	-61.4%
ROE	5.1%	2.8%	1.6%	0.2%	—
ROCE	8.6%	5.5%	4.1%	2.0%	—
Total Debt	₹7 Cr	₹5 Cr	₹13 Cr	₹10 Cr	+14.8%
Free Cash Flow	-₹58 Cr	₹125 Cr	₹51 Cr	-₹11 Cr	—

🔴 Revenue has shrunk at 8.5% a year over 3 years.

🔴 EBITDA has shrunk at 31.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 5.2% to 2.2% over 3 years (-3.0 pts).

🔴 PAT (Net Profit) has shrunk at 61.5% a year over 3 years.

🔴 EPS has shrunk at 61.4% a year over 3 years.

🔴 ROE has fallen from 5.1% to 0.2% over 3 years (-4.8 pts).

🔴 ROCE has fallen from 8.6% to 2.0% over 3 years (-6.6 pts).

🔴 Total Debt has grown at 14.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹982 Cr

Total Liabilities

₹185 Cr

Cash & Equivalents

₹474 Cr

Operating Cash Flow

-₹9 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

48.4%

Corporate Actions

Ex-Dividend Date

17 Sept 2020

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

3 mixed3 general

Trigyn Tech Nine Monthly Results, Nine Monthly Earnings for Trigyn Tech

The Economic Times, 16 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Trigyn Technologies Share Price Target 2027, 2028 and 2030: Long Term Analyst Forecast

Univest, 11 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Trigyn Technologies Ltd

Equitypandit, 27 Feb

Trigyn Technologies (NSE:TRIGYN) May Have Issues Allocating Its Capital

Simply Wall Street, 05 Feb

Trigyn Technologies passes all resolutions at 40th AGM

scanx.trade, 01 Oct

Trigyn Technologies Share Price Fall and Stock Analysis

Univest, 15 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongValuation

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑